SOURCE: Northeast Automotive Holdings

January 24, 2012 08:00 ET

Northeast Automotive Holdings Announces New Business Strategy and Planned Acquisition

NEW YORK, NY--(Marketwire - Jan 24, 2012) - Northeast Automotive Holdings, Inc. (OTCQB: NEAU) (PINKSHEETS: NEAU) announced today its plans to pivot its business to become a domestic oil production and exploration company. As the first step in reshaping its business, NEAU has entered into a binding Memorandum of Understanding (the "MOU") with Uniontown Energy, Inc. (UTOG), for the proposed acquisition and development of certain portions of UTOG's New Miami oil project, including the New Miami #40-20H well, anticipated for near stage oil production. The New Miami oil field contains 1,480 acres located near the Bakken shale formation in Montana. It is projected that a total of 17 horizontal wells can be drilled on the property. The closing of the transaction is subject to due diligence and the execution of a definitive agreement containing reasonable and customary closing conditions, representations and warranties by both parties.

The planned New Miami transaction will not be structured as a reverse merger and there will be no change of control or management of either NEAU or UTOG. NEAU is currently in discussions with a veteran oil industry executive to become its Chief Operating Officer. After the closing of the proposed transaction, NEAU will change its name to Strategy Oil to reflect its new business plan and will implement a strategic plan with a goal to acquire, within 36 months, domestic oil assets producing at least 5,000 barrels of oil per day.

Safe Harbor

The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although NEAU believes that its expectations are based on reasonable assumptions, the actual results that NEAU may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of NEAU only as of the date hereof. These forward-looking statements, specifically statements relating to expectations regarding commercial viability or production from the New Miami #42-20H well involve risks and uncertainties that include, among others, fluctuations in energy prices; timely receipt of necessary permits and approvals; unanticipated project delays, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, acquisitions and strategic transactions, government regulation and taxation. NEAU undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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